Jay Malave on supply chain
From Lockheed Martin CFO discusses efforts to meet increased demand for weapons in Ukraine · · CNBCTelevision
“We expect that pressure to really continue through 2023, but we do expect to rebound in 2024.”
On , Jay Malave, Chief Financial Officer at Lockheed Martin Corp, spoke about supply chain during Lockheed Martin CFO discusses efforts to meet increased demand for weapons in Ukraine on CNBCTelevision.
About Jay Malave
In an October 2022 interview with CNBC, Lockheed Martin CFO Jay Malave discussed the company's financial outlook and the impact of supply chain issues. Malave stated that supply chain problems had caused declines on the F-35 and F-16 programs, leading the company to lower its sales forecast by about $750 million in the second quarter of 2022. He said the company expects these pressures to continue through 2023 but anticipates a rebound in 2024, with orders and backlog expected to grow in 2023 and continued growth in 2025 and beyond. Regarding foreign military sales, Malave said Lockheed Martin takes its lead from the U.S. government on policy decisions about where and when to make sales. He noted that the company has not seen a significant impact from electronic component shortages and has a good line of sight for the next 12 to 24 months. Malave also said Lockheed Martin spends north of $1.5 billion on independent research and development across 14 technology roadmaps, with about 80% of that spending directed toward countering major global powers.